Vietnam's Hoa Phat records Dramatic Surge in Steel Exports during First Eight Months of 2019

According to the customs data, Vietnam's leading steelmaker, Hoa Phat has shipped about 165,000 tonnes of construction steel in first eight months of 2019 (Jan-Aug), thus recording a growth of 38% against the corresponding period of previous year.

In terms of production, the same has registered an increase of 20% y-o-y basis as the company churned out 1.77 MnT during Jan-Aug'19.

In August alone, Hoa Phat produced 193,000 tonnes of construction steel, a year-on-year rise of 7.6% and exported nearly 18,000 tonnes, almost doubling the amount recorded in August last year, earning USD 9.4 million. In 2018, the company had shipped 240,000 tonnes of steel abroad, up 51% against the previous year.

Between January and August 2019, Hoa Phat sold 252,883 tonnes of steel in the domestic market, up 2.15 times as compared to same period last year. In 2019, the company plans to produce a total of 4 MnT of steel.

Vietnam's steel exports value up by 15%

According to the latest customs data, country's steel exports have reached almost USD 2 billion in first seven months of 2019 registering an increase of almost 15% compared to the same period in 2018.U.S. continued to be the largest importer of steel products with turnover of USD 378.3 million, accounting for 19.5% of the country's total exports. It was followed by Japan, India, Thailand and South Korea.

In addition to the U.S. and Asian markets, steel exports to European countries also rose in the January-July period. Shipments to Switzerland increased sharply by 206% from the same period last year. In addition, steel exports to Norway and England were also surged.
For the month of July, Vietnam's steel export rose by 4.7% from the previous month. The steel exports saw an increase in July after three months of consecutive plunge.